QUALCOMM, Inc. (QCOM) Position Raised by Millennium Management LLC
Millennium Management LLC increased its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 121.1% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,254,918 shares of the wireless technology company’s stock after acquiring an additional 1,782,585 shares during the quarter. Millennium Management LLC’s holdings in QUALCOMM were worth $182,666,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Soros Fund Management LLC acquired a new stake in QUALCOMM during the 2nd quarter worth $3,934,000. Waddell & Reed Financial Inc. boosted its stake in QUALCOMM by 18.8% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock worth $282,280,000 after purchasing an additional 794,924 shares during the last quarter. Worldquant Millennium Quantitative Strategies LLC acquired a new stake in QUALCOMM during the 2nd quarter worth $32,145,000. Zurich Insurance Group Ltd FI boosted its stake in QUALCOMM by 13.3% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 267,494 shares of the wireless technology company’s stock worth $15,012,000 after purchasing an additional 31,487 shares during the last quarter. Finally, Centaurus Financial Inc. boosted its stake in QUALCOMM by 298.5% during the 2nd quarter. Centaurus Financial Inc. now owns 14,281 shares of the wireless technology company’s stock worth $801,000 after purchasing an additional 10,697 shares during the last quarter. 77.42% of the stock is owned by institutional investors.
QCOM has been the topic of several recent research reports. Royal Bank of Canada lifted their target price on shares of QUALCOMM to $77.00 and gave the stock an “outperform” rating in a research note on Friday, September 7th. ValuEngine raised shares of QUALCOMM from a “hold” rating to a “buy” rating in a research note on Tuesday, July 24th. Canaccord Genuity lifted their target price on shares of QUALCOMM from $81.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 23rd. Deutsche Bank lifted their target price on shares of QUALCOMM to $60.00 and gave the stock a “hold” rating in a research note on Monday, July 23rd. Finally, BidaskClub raised shares of QUALCOMM from a “sell” rating to a “hold” rating in a research note on Saturday, May 26th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $70.52.
Shares of QCOM stock opened at $74.61 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73. The stock has a market cap of $105.41 billion, a PE ratio of 19.74, a PEG ratio of 2.12 and a beta of 1.66. QUALCOMM, Inc. has a twelve month low of $48.56 and a twelve month high of $75.36.
QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings results on Wednesday, July 25th. The wireless technology company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.30. The firm had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.19 billion. QUALCOMM had a negative net margin of 18.41% and a positive return on equity of 19.06%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.83 EPS. analysts forecast that QUALCOMM, Inc. will post 3.11 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 26th. Stockholders of record on Wednesday, September 5th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Tuesday, September 4th. This represents a $2.48 annualized dividend and a dividend yield of 3.32%. QUALCOMM’s payout ratio is 65.61%.
QUALCOMM announced that its Board of Directors has initiated a stock repurchase plan on Thursday, July 26th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the wireless technology company to purchase up to 34.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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